IFRS 도입에 따른 통신 산업 수익인식기준 변화

The adoption of Korean International Financial Reporting Standards (hereafter, K-IFRS) means the change from rule-based accounting to principle-based accounting. Therefore, it can be possible to interpret the standards differently among companies in the same industry. This paper investigates the effect of the adoption of K-IFRS on revenue recognition in telecommunication industry using case study. We show 6 cases of revenue recognition - multiple element arrangements, connection fees, install service and rollover minutes, subscriber acquisition costs, principal vs. agent, customer loyalty program, and long-term contract like B2B solution. The principle of IFRS Exposure draft is also changed from ‘risks and rewards’ to ‘control’ with respect to revenue recognition. IFRS Exposure draft uses control concept to determine when a company should recognize or derecognize an asset or revenue. Also, there is a distinct possibility that the amount of revenue and expense will be changed accordingly. Therefore it is necessary to analyse the effect of K-IFRS and IFRS Exposure draft on the financial statements of telecommunication companies. This paper contributes to the practice by suggesting useful cases about the change of revenue recognitions in telecommunication industry and helping various parties, including users of financial statement and field managers, to get ready for the adoption of K-IFRS and IFRS Exposure draft